The Greater Chattanooga real estate market has maintained a steady balance through a sluggish start of 2014. And even though closed sales dropped slightly in the month of August, an increase in the median sales price bodes well for property owners and investors alike.
Days on Market and Supply of Inventory are two key indicators to keep an eye on as the temperatures drop into the fourth quarter of the year.
Closed Sales in the month of August dipped 1.3 percent to 664 residential units sold.
New Listings in the Chattanooga region decreased 5.9 percent to 968. Inventory levels shrank 2.4 percent to 5,234 units.
Prices continued to gain traction.
The Median Sales Price increased 3.2 percent to $148,000. Days on Market were up 6.6 percent to 129 days. Buyers felt empowered as Months Supply of Inventory was up 1.1 percent to 9.1 months.
With the announcement of Volkswagen’s expansion, the promise of jobs breeds potential for continued economic growth. This is a great sign for first-time homebuyers, who can still take advantage of low interest rates through local lenders.
-Source 10k Research and Marketing